Banking services and procedures Chapter 22

Banking in today’s business world Online Banking Checking account balances Paying bills electronically Other online services

Checks Types of checks Bank Draft Cashier’s Check Certified Check Limited check Money order Traveler’s Check Voucher Check

The Banking System The Federal Reserve Processing of Checks Bank Accounts Checking Accounts Savings Accounts Interest Money Market IRA

Writing Checks Establish a system Online Bill Paying Writing Checks / Cash Checks Mailing System Making Stop Payments Over drafts

Fraud with Checks Check Washing Writing a check Precautions to take when accepting checks Returned Checks / fees

Endorsements Why are they needed Types of endorsements

Deposits and Bank statements Preparations By Mail Direct Deposits

Chapter 23 Accounting Book keeping – RULES Financial Records Daily Journal Checkbook

Bookkeeping Single-entry Double-entry Pegboard or write it once End of day summary Trial balance once a month Preventing errors Petty cash

Periodic Summaries Statement of income and expense Cash flow statement Accounts receivable trail balance Balance sheet

Payroll Reporting employee time Income tax withholding Employers Income Tax Social security, Medicare and Income tax Filing quarterly and annual returns

Employer contributions Federal unemployment Tax State unemployment Tax State disability Insurance Making a budget